Thinking About a Remortgage? Here’s What You Need To Know


Why Remortgage?

Lower Mortgage Rates, Higher Savings

You know when you start wondering if there’s a better deal out there after having your mortgage for a while? Well, that’s where remortgaging comes into play. It’s all about better rates, which can potentially save you a large amount of money in the long run by securing lower rates than your current mortgage, particularly if you are currently on, or due to be on the lender standard variable rate.

Release Capital for Home Improvements

Maybe you finally want that dream kitchen or want to convert the attic into an extra bedroom. Remortgaging could allow you to release capital for these home improvements.

Consolidate Debt

Remortgaging can help you consolidate your high interest debts. These type of debts could include credit cards or personal loans. It can be a smart move that can simplify your payments and reduce your overall interest costs. Where you will need to be careful is, the term you spread this debt over and also whether it is worth securing these debts against your home.

When Should You Remortgage?

Check Your Current Mortgage Rate, Look At Rates In The Market

Start by reviewing your current mortgage rate. Are rates in the market significantly lower than what you’re paying? If the answer is yes, it might be time to consider a remortgage. A change in personal circumstances may also signal a time to review your options.

Consider Your Financial Situation

Take a good look at your finances. Have they improved since you first took out your mortgage? To become more attractive to lenders look at things like; your credit score and utilisation, income and debts. If lender’s are happy with these things, you stand a better chance of increasing the options available to you.

Keep an Eye on the Economic Climate, Rates Can Be Affected

Mortgage rates can be influenced by the state of the economy. Keep an eye on financial news and consult with experts to gauge the direction of rates in the market.

The Remortgaging Process

Research Lenders and Rates

Start by researching different lenders and the rates they offer. Don’t hesitate to shop around, as this can help you find the right deal for you. Online comparison tools can be a handy resource.

Speak to a Mortgage Advisor

Consulting a mortgage advisor can provide you with valuable insights. We will help you throughout the whole process! We assess your financial situation, and recommend suitable lenders and products. As a part of the Quilter Financial Planning network we have access to exclusive rates and deals that aren’t available on comparison sites. Contact us today!

Gather Necessary Documents

Prepare your financial documents, including proof of income, credit reports, and bank statements. Having these ready can streamline the application process.

Final Thoughts

Remortgaging could save you money or fund home improvements. It can also help you manage your debts more effectively. This is a fantastic opportunity but it’s important to explore your options. A mortgage advisor could help you with this while considering your individual circumstances, get in touch for personalised advice!

Lower mortgage rates or unlocking your home’s potential, remortgaging could be the key. Take your time, do your research, get in touch and we can help you make the right decisions for your financial future.

If you have any questions don’t hesitate to reach out to us! We’re here to help you make the most of your homeownership journey.


Barfield Financial Advisors | Mortgage, Investment & Insurance Advice

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